Progressive Real Estate Partners Sells Tustin Village Center in Orange County, CA for $3.1M
Rancho Cucamonga, CA – December 15, 2015 - Progressive Real Estate Partners, a leading Inland Empire based retail brokerage firm, announced today the sale McFadden Avenue, a of Tustin Village Center located at 15761 Tustin Village Way in Tustin, CA. The recently built 15,367 square-foot center was sold in an all-cash 1031 exchange transaction for $3.1 million.
The property represented an extremely rare Orange County value-added infill opportunity. The newly constructed 100% vacant multi-tenant center was sold in rough shell condition providing the entrepreneurial buyer the opportunity to complete the improvements to their requirements, lease up the center and realize the significant upside potential.
Progressive Real Estate Partners retail investment experts Victor Buendia and Brad Umansky exclusively marketed the property and represented the seller, a private investor based in Santa Ana. Dennis Zhang from CBRE Ontario represented the buyer, a private investor based in Alhambra.
The center’s excellent infill location facingmain exit off the I-55 freeway, and C-1 retail zoning that allows for a wide range of commercial uses, further enhanced the appeal of the property. In addition, the densely populated location is surrounded by over 250,000 people residing in a 3-mile radius and over 22,000 people working within 1-mile of the center providing substantial daytime population perfect for restaurant and other service oriented businesses.
“In spite of the center being unfinished with no income stream, the outstanding Orange County infill location, strong demographics and tremendous upside potential of the property helped it generate multiple offers within the first 30 days from several qualified private buyers and 1031 investors” according to Buendia. “We also had to overcome several challenges including city requirements and title issues in order to achieve the seller’s goal of a quick closing before year end”.
About Progressive Real Estate Partners
Progressive Real Estate Partners is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 500 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com.
You can also follow Progressive Real Estate Partners on: